Mortgage rates fall for the week of February 24, 2014

Mortgage rates slipped down a little last week, but not enough to have a major impact on refinancing or home purchase activity. The continuing economic slump and lack of robust job creation has kept mortgage rates low for the first couple of months of 2014.

Mortgage rates

According to HSH.com, last week the overall average rate for a 30-year fixed-rate home loan fell by just two basis points (0.02 percent) to 4.42 percent. Average rates for 15-year fixed-rate mortgage loans declined by only one basis point (0.01 percent) to 3.54 percent. Rates for FHA-insured, 30-year fixed-rate home loans dropped by two basis points (0.04 percent) to an average rate of 4.04 percent. The average rate for a 5/1 Hybrid Adjustable Rate Mortgage (ARM), the only mortgage product to drop the previous week, stayed the same last week with an average rate of 3.06 percent, its lowest rate since last November. Compare mortgage rates for your area before refinancing or applying for a purchase loan.

These slight movements in mortgage rates may have just a slight impact on your potential new payment with a refinance, but you can use a mortgage calculator to find out.

Growth revised downward

The third quarter of 2013 showed economic growth above four percent, but the most recent revision for the fourth quarter of 2014 reduced growth for that quarter to 2.4 percent. So far, 2014 growth seems to be muted, which is keeping mortgage rates low.

This week's economic news will include the February jobs report among other data that could push mortgage rates in one direction or another, but mortgage rates are expected to remain relatively unchanged.